The Successful Investor Today: 14 Simple Truths You Must Know When You Invest
Author: Larry E. Swedroe
List Price: $25.95
Our Price: Click to see the latest and low price
ISBN: 0312309791
Publisher: Truman Talley Books (24 September, 2003)
Sales Rank: 17,558
Average Customer Rating: 4.82 out of 5
Customer Reviews
Rating: 5 out of 5
Another Excellent Addition To Our "Top 20" List
Larry Swedroe's fourth book begins with an effective update on the "active investment management" vs. "passive investment management" "debate." His simple example on page 3 (A = B + C) conclusively demonstrates the logic that the high costs of active management doom it to failure. His recitation of the many studies of active management, and of the follies of chasing after the hot investment manager, provide important insights from both individual investors and investment professionals alike.
Mr. Swedroe also effectively addresses the significance of valuation levels of the market in "Truth 6: The Price You Pay Matters." In so doing, he provides an important working knowledge of the financial history of the U.S. markets, important for every investor to possess.
I enjoyed most his chapter on the impact of taxes upon investor's net investment returns, in which he provided good insight into the significance of this issue and the means to minimize the "tax drag" on investment returns.
Any investor who has any type of debt (credit card, car loan, or home mortgage) should be certain to review Appendix D, in which Larry presents the best insights I have ever read as to the impact that debt possesses upon investment decisions. Before an investor follows any advice to not pay off debt (and invest the funds instead), these 5 pages of wisdom are a must read.
In summary, Larry Swedroe's book, The Successful Investor Today, is an important addition to every investor's library. Like Mr. Swedroes' previous books, this book joins my "Top 20" lists - both for individual investors and professionals - as an essential read for those seeking to be informed and educated as to investments and financial planning. Larry Swedroe is one of the most influential authors today of investment articles and books directed to individual investors. He is a true master of taking the complicated concepts imbedded in Modern Portfolio Theory and presenting them in a format both understandable and useful to the individual investor.
Rating: 5 out of 5
Invest in this book
I am the author of The Unbeatable Market: Taking the Indexing Path to Financial Peace of Mind. My book reaches essentially similar conclusions as does Larry Swedroe's The Successful Investor Today. Through his previous books, articles, and lectures Swedroe has been a tireless and effective advocate for what mountains of evidence proves is a superior way to invest-- passively managed index funds. Wall Street rejects passive management because it's antithetical to its self-interest. Swedroe makes this clear in Truth 4: The Interests of Wall Street and the Financial Media Are Not Aligned With Those of Investors. The hope of beating the market is very alluring for investors. That's why the "14 Simple Truths" of Swedroe's book are so vital for investors to know. Knowledge is the best defense against Wall Street's massive con game. His book is well written, well documented, and highly readable. If you're an investor, do yourself a favor and buy this book.
Rating: 5 out of 5
The best investment approach may also be the simplest.
The investing approach espoused by Swedroe is actually among the simplest and least time consuming approaches available - that of passive index investing with occasional portfolio rebalancing. Yet he doesn't recommend it because it is simple, but because the research supports it as the best approach to yield the highest actual returns over time. The caveat "over time" is the key, which is what most people are interested in - not short term run-ups followed by disappointing losses. And "actual returns" since many people fail to consider trading costs, taxes, and other considerations that reduce their returns. One interesting study alluded to in this book and expounded on in his other books relates to the Value Line survey, which demonstrates market-beating returns and is highly rated in the Hulbert newsletter. Yet after considering trading and other costs, the returns underperform the market. Reality often stands in stark contrast to what we want to believe. Similar Products
The Four Pillars of Investing : Lessons for Building a Winning Portfolio
The Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risk
Protecting Your Wealth in Good Times and Bad
Rational Investing in Irrational Times : How to Avoid the Costly Mistakes Even Smart People Make Today
What Wall Street Doesn't Want You to Know : How You Can Build Real Wealth Investing in Index Funds
Book Index